Launching Medcare: A Comprehensive Report on New Venture Strategies

This report outlines the launch of "Medcare," an online nursing service venture targeting elderly individuals. It begins with an introduction to the venture, followed by an analysis of the target market and competitive landscape, including Porter's Five Forces. The report details the tangible and intangible resources required, such as IT infrastructure, nursing skills, and licenses. It proposes a comprehensive launch plan, including service offerings (mental health, physical therapy, etc.), marketing strategies (social media, direct marketing), and distribution channels. Furthermore, the report addresses the skills and capabilities needed for successful launch, such as communication and decision-making. A promotional plan, including pre-launch activities and a 4Ps marketing mix (product, place, price, promotion), is developed. The report also presents an estimated monthly cash budget for 12-18 months and suggests an appropriate legal form for the venture. The report concludes with a summary of the key findings and recommendations.

Launching a new venture
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Explain a new venture identifying target market and competitive analysis...........................3
P2 Determine tangible and intangible resources required for venture........................................4
P3 Proposal to launch a new venture...........................................................................................5
P4 Skills and capabilities to launch new venture.........................................................................5
P5 Different promotional activities and channels to launch........................................................6
P6 Develop promotional plan for launch and pre launch............................................................7
P7 Estimated monthly cash budget of 12- 18 months.................................................................7
P8 Suggest appropriate legal form for venture............................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
In present era of technological advancement, there are many new start ups which is
emerging in market. It has enabled in providing new products and services to people in order to
fulfil their needs. Along with it, their lifestyle is changed and these new businesses are giving
competition. Moreover, Covid 19 has provided opportunity for implementing new ideas to start a
business. Through that, new services are offered to people. there are several social enterprises
which are being established in it (Aslam, and Hasnu, 2016).
the report will explain about a new venture of and competitive analysis of it. also, what
tangible and intangible resources are required in it. besides that, how new business will be
launched along with skills and capabilities required for it. Furthermore, promotional activity and
plan will be mentioned in report. at last legal venture of business is discussed.
P1 Explain a new venture identifying target market and competitive analysis
A business idea “Medcare” of offering online nursing services is started in which
customers will be given various nursing services like mental health, physical therapy, wound
care, catheter care etc. here, patient can avail service through an App. on that they have to
register themselves and their requirement. So, on basis of that services will be provided to them.
For that target customers will be identified via doing market research. Thus, the venture will
target old age people of age 60- 90 who are not able to get nursing care services. it represents a
social enterprise as Medcare provide health care services to people. the purpose is to serve
society (Cao, 2018).
Threat of new entrants
New entrants in this industry bring the innovation, new ways in doing the things brings
the pressure to the existing Medcare through the various strategies that is lowering the price,
reduction in cost, give the new value preposition to their customers. For these before starting the
Medcare has to take all the challenges in these competitive markets (Trinkle, 2019).
Bargaining power of suppliers
As all the care homes in this industry gives the opportunity to provide physical nursing
services they are also in the position of dominance that decrease the margin for them. Overall
high supplier of raw material will impact the overall profitability of the care homes. It can be
reduced by having the efficient supply chains with the several suppliers.
Bargaining power of buyers
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Buyers generally demands a lot their desire is always like to get the best offerings with
the payment of minimum price as possible. This will definitely put the pressure to the care
homes that they have to maintain the minimum price even they are launching the innovative
products and it will impact the overall profitability of business. By coming with the innovative
products they can decrease the bargaining power of buyers.
Threat from substitute products or services
If the new product or services come into the market and meet the similar needs in other
alternative way than the Medcare has to suffer the loss. For handle this situation it is necessary
for the Medcare to be a service oriented rather to focus on products and understand the needs of
the customers (Capelo, 2017).
Rivalry among the existing players
As in the health care sector there are many existing players is available in this industry so
this will lead to decrease the prices and at the same it also decreases the overall profitability of
industry. This can be healed by maintaining the sustainable differentiation and from these they
will have the better competition.
P2 Determine tangible and intangible resources required for venture
In a new venture there are several resources which is required in it. The resources are
categorised as tangible and intangible. they are required as per nature and type of business.
However, it is essential to identify needs of resources so that accordingly it is used. Similarly, in
Medcare they are defined as below :
Tangible – they are those which can be see and touched. in Medcare they are as follows
Premises- the venture require a building or office space to operate as office. It may be either on
rental or mortgage basis.
IT equipment- they are basic resources which is required. It includes computer system, server,
network etc thus, entire IT infrastructure is required for venture.
HR- the HR is needed to perform various business operations. in Medcare HR is required for
providing training, communicating with patient, etc for marketing, managing nurse and other
tasks (Ginther,, Lackner, and Kaier, 2017).
Intangible – these are those resources which can not be seen or touched. It is as follows:
Skills and capability- this is essential resource needed in it. the nurse required nursing training
and skills to serve patient. they need knowledge to deal with patient.
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Permission and license- for Medcare they need license from government to start venture.
Patent and copyright- The patent are business idea and concept which is followed in it. along
with it, copyright is needed for procedure followed in delivering care services.
P3 Proposal to launch a new venture
Introduction- a new business venture is started known as Medcare in health care sector. it is
related to nursing practice.
Business overview - Medcare provide all types of nursing services online to old age people.
customers can easily avail it through App. they do not have to do to hospital.
Services offered- they are mental health, physical therapy, wound care, catheter care and many
other types of nursing services.
Marketing – It is suitable for old age people who are not able to go to hospital. it offers high
quality services to them at low cost (Gonzalez, 2018).
P4 Skills and capabilities to launch new venture
For launching of new venture there is requirement of some skills and capabilities as well
along with tangible and intangible resources. the skills enable in understanding of market and
running of new venture. Also, it needs to handle and manage business operations in efficient
way. hence, the relevant skills and capability are described as
Communication skill – it is most crucial skill which is require top launch a venture. it allows in
communicating with target market and providing them info about new services. moreover, with
tis features and benefits of using services can be communicated to people. it helps in building
customer relations.
decision making – it is required to take effective decision during launch. thus, if there occurs any
change during launch then by taking decision respond is given. through that, change can be
responded in efficient way.
leadership – this capability is required to lead venture in right direction and make launch
successful. it allows in finding out risk factors and addressing it through leadership.
For future operation it will be acquired by reading books and developing a PDP plan. also,
experience gained from launch will be utilised to acquire those capabilities needed in future. By
that focus will be on running start up in efficient way. So, if there occur any change in it then
capability will be used to deal with it (Ilonen, Heinonen, and Stenholm, 2018).
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P5 Different promotional activities and channels to launch
It is necessary to promote Medcare products and services in the market so that awareness is
generated. this enables in attracting people and selling of services. Furthermore, the selection of
promotion activity depends on business target audience. Also, on basis of funds available
promotion is done. Alongside, entire success of business depends on way of doing promotion. If
it is not done in effective way then it can led to failure. There are different types of promotional
activity available. they are defined as below (Types of promotional activity, 2018)
Advertising – it is a paid form of promotion which is done through different sources. for
example- TV newspaper, magazine, radio etc. this enables in attracting large number of people.
but it is highly expensive form of promotion (Jiang, 2019).
Sales promotion- this is a type of promotion in which business offers short term incentives to
attract people. for instance- bonus, discounts, offer, etc. with that people are highly attracted as it
gives them chance to buy it at low price.
Direct marketing- It is a form of promotion where there is direct interaction of people with
company. this means that there is one to one communication and focus in on building customer
relationship. here, example is e mail, internet, etc
Social media – This is most common method of promotion in which social media is used to
advertise. it enables in reaching a large number of people in short time. in addition, various
social sites like Instagram, facebook etc is used for it.
For Medcare social media is best suitable because it will help in attracting a lot of people
from single source. besides that, cost required in it will be less. With it, awareness will be easily
generated in market. A large target audience can be attracted easily. through it, promotion will be
done in effective way.
Channels of distribution- in order to deliver services, it is required to select a particular channel.
This allows in providing services in time to in market (Kloepfer and Castrogiovanni, 2018).
Moreover, having effective supply chain is useful in meeting demand in quick time. the channels
are
supply chain – it is a channel in which there is a proper supply chain created. there are
wholesaler, retailer and then service is delivered to final customer. This is a systematic channel
through which product is distributed.
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Just in time – In this services are delivered only when it is ordered. the channel is highly
effective when there is huge demand of product.
Medcare will provide services with Just in time distribution channel. it is because service
provided in perishable and will be offered only when there is need of it in industry.
P6 Develop promotional plan for launch and pre launch
It is essential to develop a promotional plan so that at time of launch proper action are
taken. this will be useful in attracting people by various techniques. Therefore, plan is specified
as
Pre launch activity – here, pre launch activity done will be initiated to launch. hence, customers
will be provided a free trial of nursing services for one time (Mazra, 2017).
Promotional package – there are 4 P’s defined in it
Product- here, product is nursing services which is being provided to old age people. These
services are of different types and vary as per needs of people.
Place- The services will be offered via website and mobile App.
Price- Medcare will follow cost leadership pricing strategy where services are delivered at low
cost to people.
Promotion- the promotion will be done by using social media sites like Instagram, facebook,
twitter etc.
here, an identity will be developed of Medcare that offer low cost nursing services to
improve life of people. besides that, promotional message will be free trail for limited time
period.
P7 Estimated monthly cash budget of 12- 18 months
A new venture require finance in order to operate in market. For that a budget is prepared
which gives an estimate about much profit and expense will be incurred in specific time period.
also, a forecast it made on it which gives insight on amount required in future (Rajput, and
Singh, 2019).
Particulars
Janu
ary
Febru
ary
Mar
ch
Apri
l May
Jun
e July
Aug
ust
Sept
emb
er
Octo
ber
No
ve
mb
er December
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Cash inflows
Opening cash
inflow 7000 8300
1068
2
1314
5.88
1569
1.45
183
18.4
3
2102
6.48
2381
5.16
2668
3.94
2963
2.19
32
65
9.1
9 35764.11
Sales revenue
1000
0 10200
1040
4
1061
2
1082
4
110
41
1126
1.62
1148
6.86
1171
7
1195
1
12
19
0 12434
Other income 2000 2000 2000 2000 2000
200
0 2000 2000 2000 2000
20
00 2000
Total cash
inflows
1900
0 20500
2308
6
2575
7.96
2851
5.77
313
59.2
4
3428
8.11
3730
2.02
4040
0.53
4358
3.12
46
84
9.1
4 50197.85
Cash outflows
Material 2500 1530
1560
.6
1591
.812
1623.
648
165
6.12
1
1689.
244
1723
.029
1757
.489
1792.
639
18
28.
49
2 1865.061
Labour 2000 2000 2000 2000 2000
200
0 2000 2000 2000 2000
20
00 2000
Other expenses 2200 2288 2380 2475 2574
267
7
2783.
702 2895 3011 3131
32
57 3387
Administration
expenses 4000 4000 4000 4000 4000
400
0 4000 4000 4000 4000
40
00 4000
Total cash
outflows
1070
0 9818
9940
.12
1006
6.51
1019
7.34
103
32.7
6
1047
2.95
1061
8.08
1076
8.34
1092
3.92
11
08
5.0
3 11251.86
Cash deficit /
surplus or
closing cash
balance 8300 10682
1314
6
1569
1
1831
8
210
26
2381
5.16
2668
4
2963
2
3265
9
35
76
4 38946
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P8 Suggest appropriate legal form for venture
The business needs to be register in Company act so that it can follow guidelines and
policies mentioned in it. Apart from that, it is necessary to form a proper legal structure. this is
because it shows that what type of business it is. thus, legal structure is formed on basis of type
of business. there are various types of legal forms in which new venture can be registered. They
are defined as:
Sole proprietorship- this is a form of business which is owned by a single person. he is
responsible for profit or loss and managing entire business. Also, decisions are solely taken by
owner (Sikder, 2019).
Partnership – here, a business is legally formed between 2 or more than 2 people who do
partnership. there is an agreement between them regarding share of profit. the partners take all
decision of business.
social enterprise- they are those type of business which is formed to provide benefit to society.
the purpose is not to earn profit but to reinvest in community.
Thus, Medcare will be a sole proprietorship in which it will be owned by single person. It
is because it will allow in earing huge profit and taking effective decision.
CONCLUSION
thus, it is concluded that a business idea of Medcare is started. it offers online nursing
services to old age people in UK. there are different tangible and intangible resources required
such as IT equipment, HR, building, etc. along with certain skills and capabilities like
communication, leadership and other. the promotion will be done by using social media
platforms. On that official page is develop and people are attracted through it. the channel of
distribution will be just in time. In pre launch free trail will be given for 1 time. during launch an
identity of Medcare will be created with some promotional message. However, legal form of
venture will be sole proprietorship.
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REFERENCES
Books and journals
Aslam, S. and Hasnu, S.A.F., 2016. Issues and constraints perceived by young entrepreneurs of
Pakistan. World Journal of Entrepreneurship, Management and Sustainable
Development.
Cao, R., 2018. Information frictions in new venture finance: Evidence from product hunt
rankings. Working Paper.
Capelo, C., 2017. Exploring the Dynamics of an Energy Service Venture. In Handbook of
Research on Entrepreneurial Development and Innovation Within Smart Cities (pp. 269-
289). IGI Global.
Ginther, C., Lackner, K. and Kaier, C., 2017. Publication services at the University Library Graz:
a new venture, a new role. New Review of Academic Librarianship, 23(2-3), pp.136-147.
Gonzalez, S., 2018. An Exploration into the History and Significance of the'Planner'and A
Comprehensive Business Plan for Launching the new Planner Company, Lala Letter
LLC.
Ilonen, S., Heinonen, J. and Stenholm, P., 2018. Identifying and understanding entrepreneurial
decision-making logics in entrepreneurship education. International Journal of
Entrepreneurial Behavior & Research.
Jiang, Y., 2019. Launching new educational provision in China (Doctoral dissertation, Durham
University).
Kloepfer, K. and Castrogiovanni, G.J., 2018. Entrepreneurship: venture creation subprocesses,
subdomains, and interfaces. International Entrepreneurship and Management
Journal, 14(3), pp.681-696.
Mazra, M., 2017. Entrepreneurial team diversity and new venture performance in Cameroon:
The moderating effect of conflicts. International Journal of Innovation
Management, 21(04), p.1750038.
Rajput, V. and Singh, D., 2019. Role of Pedagogical Practices in Entrepreneurship Education
and its impact on New Venture Creation: A Critical Review. BULMIM Journal of
Management and Research, 4(1), pp.22-35.
Sikder, S.A.M., 2019. The procedure of launching brand new homecare products in the country.
Trinkle, D., 2019. Launching an IoT Startup. In Fundamentals of Internet of Things for Non-
Engineers (pp. 201-239). Auerbach Publications.
Online
Types of promotional activity, 2018. [online] Available through : <
https://www.yourarticlelibrary.com/marketing/promotional-activities-in-marketing-an-
overview/50910 >
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